What is preferable-rent or buy?

[chavtasticfirebanger]

Just that really-would appreciate your thoughts.
Buy somewhere which is too small in an area which isnt great knowing homeownership is more secure, or;
Rent somewhere pretty and enjoy the here and now?
Tenant has tried for 2 years to exchange. Not likely. House too small parent on sofabed in lounge. Could move somewhere bigger due to special circumstances but again will take time.
Kids are preteens. Single parent. Current home housing association some discount not a lot but less than market value. Neighbours not great not awful. Area crap reputation but reality much better. Some behaviour issues amongst local kids playing out. Preteens not yet allowed out.
What is best? Asking for a friend who has been unwell through a nasty divorce and has no break from kids ever due to previous DV.

How much would each option cost?

I think it also depends on the financial - if buying is there cash available for deposit, stamp duty, solicitor etc?

Big picture - retirement without property is no fun. Always best to buy if possible. Obviously some people never have the chance to buy but if your friend can then that's the best plan.

Mortgage less each month.

She works ft professional job. Can get a small deposit and fees. But could also move to a village where rents higher than on a big estate

Mortgage is probably the better option unless she's looking to move in the near future.

Shef have to stay 5yrs before moving. The ling term desire is to move to a village. Buying the longer route but might never be possible tp get a village anyway

Bumping for advice

Well they are pros and cons to both.

The biggest worry would be retirement.

If she has children and can afford to buy then I would strongly recommend that.

She has health problems so would be eligible for ESA and then housing benefit. So that is reassurance you don't get if you buy. But the benefits system is rapidly changing and this may not be a long term security.
She can afford to buy. She is good with credit etc, doesn't spend on rubbish.
She believes she will be alone forever after leaving DV so cannot envisage ever meeting anyone and having joint finances.
Thanks for the input much appreciated.

Are you saying buy the HA house with a view to putting it on the market in 5 years? If so you'd need to think about the 'area' that has a bit of a reputation and ease of selling.

If they're already HA then why can't they look at part rent part buy with either their or another HA which are usually new builds?

She has health problems so would be eligible for ESA and then housing benefit.

If she is likely not going to be able to work in the future, or work full time due to health issues, staying renting with HA might be a better option.

Yes reselling in 5 years. The house would be bought with a small discount but at less than market value. So in 5 years having paid the mortgage she would hope to move, the area does sell quickly.
She does work full time but as she's alone with kids feels the option to be able to go on benefits reassuring.

Bump